Bitcoin (BTC) Price Looks Primed For Further Gains

Bitcoin price traded above the $5,300 resistance and tested $5,360 against the US Dollar.

The price is currently trading with a bullish bias above the $5,280 and $5,250 supports.

There are two bullish trend lines formed with support near $5,320 and $5,280 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair remains supported on dips and it could continue to climb towards the $5,400 and $5,450 levels.

Bitcoin price is slowly grinding higher towards $5,450 against the US Dollar. BTC remains in an uptrend and it is likely to climb towards the $5,500 level in the coming sessions.

Bitcoin Price Analysis

In the past three sessions, there was a steady rise above $5,280 in bitcoin price against the US Dollar. The BTC/USD pair gained traction above the $5,300 resistance and settled above the 100 hourly simple moving average. The price spiked broke the $5,340 level and traded as high as $5,359. Recently, it corrected lower below the $5,320 level, and the 23.6% Fib retracement level of the upward move from the $5,197 swing low to $5,359 high.

The price even traded below the $5,300 level, but the $5,280 support acted as a strong support. Besides, the 50% Fib retracement level of the upward move from the $5,197 swing low to $5,359 high acted as a support. More importantly, there are two bullish trend lines formed with support near $5,320 and $5,280 on the hourly chart of the BTC/USD pair. On the downside, there are many supports near $5,280 and $5,250. If there are extended losses, the price may retest the $5,200 support. The 100 hourly SMA is also close to $5,200 to hold losses.

On the upside, a clear break above the $5,360 level may open the gates for a push towards the $5,400 level. The next key resistance is near the $5,450 level, where sellers may appear. The current price action is positive and, therefore suggests more gains above $5,360. If there is a downside correction, the bulls are likely to protect $5,280 or $5,250.

Looking at the chart, bitcoin price is showing positive signs above $5,280. There might be a couple of swing moves in the short term, but the price is likely to surpass the $5,360 swing high. As a result, the main stop for the bulls this week could be $5,450 or even $5,500. Conversely, a close below $5,200 and the 100 hourly SMA is likely to negate the current bullish view.

Technical indicators:

Hourly MACD – The MACD is slowly moving back in the bullish zone, with flat signals.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level and testing 60.